Which of the following statements captures the meaning of transitivity of preferences? a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.

Which of the following statements captures the meaning of transitivity of preferences? a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 9P

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